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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
SOUTH AFRICA
- USD/ZAR trades -0.43% lower this morning, looking heavy as more positive risk sentiment filters through from the APAC session.
- This follows hints from the PBoC that there may be more room for RRR cuts in Q1, supporting firmer equities in the Asia session.
- The cross fell sharply yesterday on the back of lower UST yields and firmer commodities with PGMs rallying (XPT +4.21%) – boosting SA’s terms of trade. CPI data came in firmer than expected, bolstering expectations for more potential SARB hikes in 2022.
- Telkom softening its stance on blocking the spectrum auction is a positive development, but it will need to give more ground before markets get too upbeat.
- US jobless & Continuing claims are the main focus for the day, while a two-day NEC meeting kicks off on the local front.
- USD/ZAR should continue to trade in line with global risk sentiment and UST yields, with the 100dma being retested again this morning following yesterday’s bearish engulfing candle pattern.
- Next major support comes in at 15.09-14.90, with the 200dma rising at 14.80. Intraday Sup1: 15.2660, Sup2: 15.2120, Res1: 15.3914, Res2: 15.4435
Citi SA TOT
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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